Ark Invest Buys $18.4M in Coinbase, Sells $29M in Robinhood
Cathie Wood’s Ark Invest is making major portfolio moves. The investment firm recently bought $18.4 million worth of Coinbase (COIN) shares. At the same time, it sold nearly $29 million in Robinhood (HOOD) stock. Here is a breakdown of these strategic market shifts.
Recent ETF Trades and Market Performance
On Wednesday, Ark Invest adjusted its holdings across three of its popular ETFs. The firm purchased 111,799 Coinbase shares, valued at roughly $18.4 million. It also bought 236,759 shares of Block Inc. (SQ), worth about $17.2 million. Meanwhile, Ark offloaded 275,572 Robinhood shares for nearly $29 million.
Despite this large sale, Robinhood remains a major asset for Ark. It is still the fourth-largest holding in the ARKK fund, valued at $339.6 million. Coinbase currently ranks as the fund’s eighth-largest position at $258.6 million.
The stock market showed mixed results during these trades. Coinbase closed down 2.57% at $164.92. Block Inc. also fell 2.46% to $72.84. On the flip side, Robinhood surged 8.78% to close at $105.20.
Coinbase Expands With Tokenized Stocks and AI
Coinbase is actively growing beyond a standard crypto exchange. The company recently announced the launch of tokenized stocks. This innovative feature will allow users to buy, trade, and hold digital versions of U.S. equities.
Additionally, Coinbase rolled out a major system update. The platform now includes an AI-powered financial advisor. It also successfully unified its global liquidity across both U.S. and international markets.
Following these positive announcements, Benchmark Equity Research maintained its “Buy” rating for Coinbase. Analysts noted that the company is quickly evolving into a broad financial infrastructure provider.
Robinhood Cuts Jobs Amid Record Trading Volumes
Robinhood is also undergoing significant operational changes. The trading platform recently announced a 10% reduction in its full-time workforce. The company stated this move will help create a leaner, high-performance business model.
Despite the layoffs, Robinhood is experiencing massive user activity. Bernstein analysts reported strong tailwinds for the platform. Robinhood is seeing record volumes in its prediction markets, driven by the World Cup. In just 24 hours, daily trading turnover more than doubled, jumping from $2.2 billion to $4.8 billion
